financial reform

Global Deal Reached on Bank Finance Reforms

The so-called Basel III reforms impose new rules for capital reserves that the world's banks would have to keep on hand as a cushion to avert future financial meltdowns. The G20 nations are expected to ratify the agreement at their meeting in November.

Bank of America CEO Moynihan Buys $391,000 of Stock

Brian Moynihan, CEO of Bank of America Corp. (BAC), bought 30,000 shares in the company on Monday. Moynihan paid $391,000, or $13.03 a share, for the stock, Dow Jones Newswires reported. The purchase could be seen as a sign of confidence in the bank as its shares hover near a 52-week low.

Fixing Fannie and Freddie:
The Debate Begins

The Obama administration acknowledged Tuesday that major changes must be made to mortgage giants Fannie Mae and Freddie Mac, but indicated that it supports continuing government guarantees in the mortgage sector. But is that a good idea?

Don't Blame the Economy on the Uncertainty

The government today is often blamed for causing economic uncertainty, which some point to as the source of all the economy's woes. But there's a deeper issue in play than the fact that we have to guess what's coming next: The problem is the bias in our guesses.

Legal Briefing: Will Banks Have to Refund Overdraft Fees?

A judge ruled that Wells Fargo has to pay its customers restitution for processing checking-account transactions in a way that makes the most charges bounce and maximizes overdraft fees. Other banks have also been sued over this issue.

Financial Reform Law Lets SEC Keep More Secrets

The new financial reform law may have made it easier for the SEC to keep secrets. Under the regulations, the SEC is exempt from having to disclose records or information derived from "surveillance, risk assessments, or other regulatory and oversight activities," FoxBusiness.com reports.

A Key Bond Market Thaws, but It May Be Only Temporary

The market for asset-backed securities has reopened after being essentially frozen for a week, in the first example of how unintended consequences from the Dodd-Frank overhaul can create mischief in the financial markets.

Do Fannie and Freddie Have a Future?

The future of the government-backed mortgage finance giants Fannie Mae and Freddie Mac, which critics have accused of exacerbating the meltdown in the U.S. housing market, will be discussed next month at a conference sponsored by the U.S. Department of Treasury.

A Grab Bag of Consumer Protections

Banks aren't too big to fail, taxpayers shouldn't have to shoulder bad decisions by corporate America, and consumers need protections from investment houses looking to boost their bottom lines, according to a U.S. Treasury official.

Gold Coins vs. Gold Cons: Investors Beware

With fear about the future and mistrust of government on the rise, more investors are considering putting their savings into gold. But they should tread with caution: Gold bugs pitch the precious metal as a safe economic hedge, but the sellers' shenanigans could cost you a bundle.

The Biggest Winners in Financial Reform

The Dodd-Frank financial regulation reform bill tries to resolve some of the most pressing problems left over from the financial crisis. The effects will clearly be sweeping, even if not all quite predictable. At this early point, here's a rundown of some of the biggest likely winners.

Democrats Push Financial Reform With Slim Margin for Error

Senate Democrats will make the final push to pass a financial reform bill this week, knowing they have slim margin for error in their hunt for votes. The House of Representatives has already passed a version of the bill. To send the bill to President Obama to sign into law, Senate Majority Leader Harry Reid will likely need 60 votes to overcome a procedural hurdle in the 100-seat chamber.

Greenspan Says U.S. Economy Is Likely in a 'Pause'

Former Federal Reserve Chairman Alan Greenspan said that the recent slowdown in economic indicators is most likely temporary. "It%u2019s more than likely a pause in the usual cyclical pattern," Greenspan said in an interview with CNBC.

European Parliament Undermines Banker Bonuses

The European Parliament has reportedly moved to reform the system of paying investment bankers, approving new rules that will require between 40% and 60% of bank bonuses to be deferred for at least three years, and giving governments the ability to claw back bonuses on deals that go bad.

No Wonder So Many Americans Hate Credit Card Companies

Americans are generally a cheerful, friendly lot, but one thing that most us of now share is a loathing of credit card companies. DailyFinance contributor Alex Salkever's most recent absurd tale of plastic woe has convinced him that's unlikely to change anytime soon.

2008 Meltdown Vs. the S&L Crisis: Which Was Worse?

In the late '80s and early '90, more than 1,000 savings & loans failed in a financial crisis that cost the government $220 billion to resolve. By contrast, it looks like TARP will only cost the government $105 billion. So is the current financial crisis only half as bad? Not bloody likely.

Goldman May Be Financial Reform's Biggest Loser

Some winners and losers of the Dodd-Frank financial regulation reform bill are beginning to emerge. The bill's limits on proprietary trading will potentially hit Goldman Sachs the hardest. But it could also take a long time before those losses are realized.

House Passes Wall Street Reform Bill, Senate Holds Off

Nearly two years after the nation's banking system imploded, the House Democrats passed a financial regulatory reform bill intended to avoid the calamity's recurrence. The Senate delayed action on the bill as Dems try to muster the needed votes.

Congress Scraps Bank Tax in Wall Street Reform Bill

Congressional negotiators agreed late Tuesday to abandon a $19 billion tax on banks after Republicans balked over the measure. Instead, lawmakers agreed to increase FDIC bank premiums and use the savings from ending the $700 billion TARP program early to pay for the bill.

Lawmakers Forced to Reopen Wall Street Reform Bill

Democrats said Tuesday they would reopen the Wall Street reform bill in an effort to secure enough support for its passage after Sen. Scott Brown of Massachusetts, one of the few Republicans to vote for the bill, said he could no longer support it due to the inclusion of a $20 billion bank tax.